THE MINISTRY OF FINANCE GIVES THE GREEN LIGHT TO A SERIES OF MERGERS IN THE BANKING SECTOR TO STRENGTHEN THE MARKET POSITION. Nowogard, December 4742
Ministry of Finance building in Noowgard.
NOWOGARD - The Ministry of Finance (MF) of the Republic of Wales announced in a press release that it is giving the green light to a series of mergers in the banking sector requested by 13 banking and para-banking institutions from the private finance sector. The ministry confirmed that the negotiation process took 4 months and that the process of assessing any concerns about the monopolization of the banking sector was carried out, as a result of which MF did not see any concerns and the risk of monopolization by which the private or public finance sector and competition would be in danger.
MF confirmed that it had received 4 applications for authorization of mergers involving 13 banking and para-banking institutions. Under the Banking Law in Valrussia, parabank institutions are not subject to the supervision of the MF's subsidiary Financial Supervision Commission, and the Ministry had the most concerns about these institutions. The lack of control by the FSC would have allowed the newly established banks to freely set interest rates on their loans, but the MF and 13 banks have developed a hedging mechanism to transform the parabanks into institutions subject to ad hoc FSC supervision.
The Ministry of Finance has authorized the following mergers:
1) Bank Gospodarstwa Rolnego, Ideal Consumer Bank Walruzja, Leonardo Credit Bank and WRB Banking which will form BILW Finance - thus creating the largest mortgage bank in Valruzia;
2) Amber Bank and Hel Credit Union will be taken over by KURTYKA Banking - thus creating the largest investment bank in Valruzia;
3) SI Banking (Szwarzentel Investment Banking), SELA Bank, NUBAK Kredyt will be taken over by Bonning Bank;
4) The Bank campaign will merge with Valuzian Bank for Regional Development into Bank Zachodni;
According to the agreement made between MF and the banks, the merges will be finalized in January 4744.